Merced VA Loans
MERCED, CA
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who
have served or are presently serving in the U.S. military. The VA does directly lend,
it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.
The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will
also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan,
it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out
refis.
For additional benefits of VA loans, click here.
Merced's 99 lenders originated 712 VA
loans during 2021. The total origination value was $227,850,000, with an average VA loan value of
$320,014.
Merced VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Merced
averaged
5.56%
for the week of 2022-05-20, compared to the national average (all VA variants) of
5.143% for the same period.
The average rate for the prior week (2022-05-13) was
5.47% and
one month ago for the week of 2022-04-15, the
average rate was 5.33%.
The average rate one year ago was 3.42%.
For refis of the same type during the week of 2022-05-20, the average rate
was 5.12%.
Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.
Merced VA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender
at the Merced level.
Name |
# of Loans |
2021 Avg. 30yFix Rate |
2021 Avg. Total Fees |
FREEDOM MORTGAGE CORPORATION
|
69
|
2.47%
|
$3,595
|
QUICKEN LOANS, LLC
|
48
|
2.46%
|
$5,420
|
Mortgage Research Center, LLC
|
45
|
2.89%
|
$8,155
|
PENNYMAC LOAN SERVICES, LLC
|
33
|
2.39%
|
$4,705
|
UNITED WHOLESALE MORTGAGE, LLC
|
32
|
2.44%
|
$6,022
|
DHI MORTGAGE COMPANY, LTD.
|
25
|
2.74%
|
$10,091
|
AMERICAN FINANCIAL NETWORK, INC.
|
23
|
2.64%
|
$13,021
|
VILLAGE CAPITAL & INVESTMENT LLC
|
21
|
2.18%
|
$3,345
|
NEW DAY FINANCIAL, LLC
|
20
|
2.84%
|
$10,972
|
LOANDEPOT.COM, LLC
|
17
|
2.51%
|
$4,917
|
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
|
13
|
3.03%
|
$8,243
|
CROSSCOUNTRY MORTGAGE, LLC
|
13
|
2.73%
|
$6,948
|
CLEARPATH LENDING
|
13
|
2.33%
|
$4,442
|
AMERICAN PACIFIC MORTGAGE CORPORATION
|
12
|
2.98%
|
$4,985
|
Mr. Cooper ( Nationstar Mortgage )
|
9
|
2.67%
|
$7,376
|
ENVOY MORTGAGE, LTD
|
9
|
2.93%
|
$7,745
|
CALIBER HOME LOANS, INC.
|
9
|
2.42%
|
$5,514
|
USAA Federal Savings Bank
|
9
|
2.83%
|
$4,007
|
The Federal Savings Bank
|
8
|
2.58%
|
$7,716
|
Wells Fargo Bank
|
8
|
2.56%
|
$4,786
|
SUMMIT FUNDING, INC.
|
8
|
2.84%
|
$12,090
|
PRIMARY RESIDENTIAL MORTGAGE, INC.
|
7
|
3.05%
|
$4,350
|
INSPIRE HOME LOANS INC.
|
7
|
2.98%
|
$7,989
|
HOME POINT FINANCIAL CORPORATION
|
7
|
2.30%
|
$6,386
|
LOANPAL, LLC
|
6
|
2.44%
|
$8,058
|
LAKEVIEW LOAN SERVICING, LLC
|
6
|
2.35%
|
$3,560
|
SUN WEST MORTGAGE COMPANY, INC.
|
6
|
2.69%
|
$5,361
|
FINANCE OF AMERICA MORTGAGE LLC
|
5
|
2.58%
|
$6,328
|
GUILD MORTGAGE COMPANY
|
5
|
2.78%
|
$5,823
|
NAVY FEDERAL CREDIT UNION
|
5
|
2.33%
|
$6,591
|
U.S. Bank
|
5
|
2.65%
|
$7,031
|
Lakeview Community Capital, LLC
|
5
|
2.43%
|
$1,642
|
AMERISAVE MORTGAGE CORPORATION
|
4
|
2.47%
|
$7,325
|
Nations Lending Corporation
|
4
|
2.41%
|
$942
|
InterContinental Capital Group, Inc
|
4
|
2.25%
|
$2,819
|
SCENIC OAKS FUNDING, INC.
|
3
|
2.79%
|
$7,772
|
CELEBRITY HOME LOANS, LLC
|
3
|
2.92%
|
$6,832
|
RESIDENTIAL BANCORP.
|
3
|
3.17%
|
$14,881
|
ALAMEDA MORTGAGE CORPORATION
|
3
|
2.90%
|
$10,495
|
BROKER SOLUTIONS, INC.
|
3
|
2.45%
|
$6,464
|
Prime Choice Funding Inc.
|
3
|
2.42%
|
$2,886
|
PLANET HOME LENDING, LLC
|
3
|
3.00%
|
$3,700
|
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
|
3
|
3.00%
|
$5,427
|
NEWREZ LLC
|
3
|
2.25%
|
$2,633
|
MOVEMENT MORTGAGE, LLC
|
3
|
3.13%
|
$12,501
|
Magnolia Bank
|
3
|
2.38%
|
$12,056
|
Carrington Mortgage Services, LLC
|
3
|
3.75%
|
$8,513
|
First Federal Bank
|
3
|
3.17%
|
$19,799
|
First Federal Bank of Kansas City
|
2
|
2.69%
|
$2,643
|
ROUNDPOINT MORTGAGE SERVICING CORPORATION
|
2
|
3.00%
|
$958
|
BNC National Bank
|
2
|
2.25%
|
$7,413
|
ACADEMY MORTGAGE CORPORATION
|
2
|
2.63%
|
$22,306
|
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION
|
2
|
2.50%
|
$2,724
|
Barrington Bank & Trust Company, N.A.
|
2
|
3.06%
|
$3,879
|
GUARANTEED RATE, INC.
|
2
|
2.38%
|
$2,549
|
North American Savings Bank, F.S.B.
|
2
|
2.25%
|
$4,053
|
Low VA Rates, LLC
|
2
|
2.25%
|
$5,697
|
EVERGREEN MONEYSOURCE MORTGAGE COMPANY
|
2
|
2.81%
|
$9,592
|
Commerce Home Mortgage, Inc.
|
2
|
2.50%
|
$5,941
|
WESTERN EXPRESS LENDING
|
1
|
3.00%
|
$11,925
|
AHL FUNDING
|
1
|
3.13%
|
$8,280
|
AMERICAN FINANCING CORPORATION
|
1
|
2.38%
|
$2,477
|
Amerifirst Financial, Inc.
|
1
|
2.25%
|
$1,776
|
Ameris Bank
|
1
|
2.63%
|
$3,669
|
ARK-LA-TEX FINANCIAL SERVICES, LLC.
|
1
|
2.38%
|
$1,201
|
Austin Capital Bank SSB
|
1
|
3.75%
|
$12,470
|
AXIA FINANCIAL, LLC
|
1
|
2.75%
|
$10,802
|
CHURCHILL MORTGAGE CORPORATION
|
1
|
2.25%
|
$2,759
|
CMG MORTGAGE, INC.
|
1
|
2.75%
|
$3,317
|
Community First National Bank
|
1
|
2.25%
|
$2,363
|
CONTOUR MORTGAGE CORPORATION
|
1
|
2.63%
|
$8,923
|
COUNTRY CLUB MORTGAGE, INC.
|
1
|
2.88%
|
$3,717
|
FBC MORTGAGE, LLC
|
1
|
2.75%
|
$15,177
|
FirstBank
|
1
|
2.25%
|
$611
|
First Guaranty Mortgage Corporation
|
1
|
2.75%
|
$3,780
|
First Savings Bank
|
1
|
2.25%
|
$3,618
|
Flagstar Bank, FSB
|
1
|
2.38%
|
$1,790
|
Goldwater Bank, N.A.
|
1
|
2.25%
|
$1,388
|
HOMEBRIDGE FINANCIAL SERVICES, INC.
|
1
|
2.50%
|
$2,418
|
Home Mortgage Alliance Corp
|
1
|
1.99%
|
$1,533
|
LADERA LENDING, INC.
|
1
|
2.63%
|
$2,994
|
LAND HOME FINANCIAL SERVICES, INC.
|
1
|
2.25%
|
$7,670
|
LENDUS, LLC
|
1
|
2.25%
|
$9,894
|
MERCO Credit Union
|
1
|
2.25%
|
$7,574
|
MORTGAGEONE, INC.
|
1
|
3.13%
|
$4,123
|
NATIONS DIRECT MORTGAGE, LLC
|
1
|
3.75%
|
$8,767
|
NBKC BANK
|
1
|
2.25%
|
$977
|
OCMBC, INC.
|
1
|
3.25%
|
$4,444
|
Paramount Residential Mortgage Group, Inc.
|
1
|
2.50%
|
$2,179
|
PENTAGON FEDERAL CREDIT UNION
|
1
|
2.25%
|
$1,585
|
PLAZA HOME MORTGAGE, INC.
|
1
|
2.25%
|
$1,257
|
PRIMELENDING, A PLAINSCAPITAL COMPANY
|
1
|
3.63%
|
$3,298
|
Prosperity Home Mortgage, LLC
|
1
|
2.25%
|
$1,951
|
RESIDENTIAL WHOLESALE MORTGAGE, INC.
|
1
|
3.25%
|
$8,480
|
S1L, Inc.
|
1
|
2.88%
|
$5,803
|
SOVEREIGN LENDING GROUP INCORPORATED
|
1
|
2.25%
|
$4,129
|
S&S Financial
|
1
|
2.25%
|
$1,065
|
TRAVIS CREDIT UNION
|
1
|
3.38%
|
$3,123
|
UNITED SECURITY FINANCIAL CORP
|
1
|
2.25%
|
$820
|
The top Merced VA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with
69 VA loans originated. Their average total fees are
$3,595, which is $1,826
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Merced VA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC ($3,345), FREEDOM MORTGAGE CORPORATION ($3,595), CLEARPATH LENDING ($4,442), PENNYMAC LOAN SERVICES, LLC ($4,705) and LOANDEPOT.COM, LLC ($4,917).
The lowest rate Merced VA lenders (with over 10 loans originated) are
VILLAGE CAPITAL & INVESTMENT LLC (2.18%), CLEARPATH LENDING (2.33%), PENNYMAC LOAN SERVICES, LLC (2.39%), UNITED WHOLESALE MORTGAGE, LLC (2.44%) and QUICKEN LOANS, LLC (2.46%).
VA Loan Features
No down payment required
Negotiable and competitive interest rate.
Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent
and exemption for veterans receiving VA compensation).
VA rules limit the amount you can be charged for closing costs.
Closing costs are comparable with other financing types (and may be lower).
Closing costs may be paid by the seller.
No private mortgage insurance premiums are required.
An assumable mortgage.
Right to prepay your mortgage without penalty.
For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain
cooperation of builder.
VA assistance to veteran borrowers in default due to temporary financial difficulty.